EDIV vs. AIRR

Last updated Jun 13, 2026

EDIV (SPDR S&P Emerging Markets Dividend ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - EDIV is a Emerging Markets Equities fund tracking the S&P Emerging Markets Dividend Opportunities Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, EDIV returned 9.49%/yr vs 22.05%/yr for AIRR. At a 0.47 correlation, their price movements are largely independent. EDIV charges 0.49%/yr vs 0.69%/yr for AIRR.

Performance

EDIV vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets Dividend ETF (EDIV) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EDIV achieves a 7.76% return, which is significantly lower than AIRR's 31.74% return. Over the past 10 years, EDIV has underperformed AIRR with an annualized return of 9.49%, while AIRR has yielded a comparatively higher 22.05% annualized return.

EDIV

• 1D: 0.70%
• 1M: 0.99%
• YTD: 7.76%
• 6M: 9.12%
• 1Y: 13.72%
• 3Y*: 18.11%
• 5Y*: 10.84%
• 10Y*: 9.49%

AIRR

• 1D: 0.83%
• 1M: -0.02%
• YTD: 31.74%
• 6M: 28.77%
• 1Y: 65.25%
• 3Y*: 35.29%
• 5Y*: 25.46%
• 10Y*: 22.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EDIV vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDIV SPDR S&P Emerging Markets Dividend ETF	7.76%	16.45%	12.75%	41.91%	-15.31%	11.21%	-9.95%	11.80%	-6.16%	28.20%
AIRR First Trust RBA American Industrial Renaissance ETF	31.74%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between EDIV and AIRR is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.47

The correlation between EDIV and AIRR shifts across timeframes, from 0.42 (3 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

EDIV vs. AIRR - Sectors Allocation Comparison

Sectors	EDIV	AIRR
Financial Services	29.7%	9.6%
Communication Services	13.8%	-
Consumer Defensive	12.8%	-
Consumer Cyclical	11.8%	-
Industrials	9.7%	84.6%
Technology	8.4%	0.5%
Real Estate	5.1%	-
Energy	3.2%	3.8%
Utilities	2.5%	-
Basic Materials	1.7%	-
Healthcare	1.3%	-

Return for Risk

EDIV vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EDIV

EDIV Risk / Return Rank: 33
EDIV Sharpe Ratio Rank: 34
EDIV Sortino Ratio Rank: 34
EDIV Omega Ratio Rank: 34
EDIV Calmar Ratio Rank: 30
EDIV Martin Ratio Rank: 31

AIRR

AIRR Risk / Return Rank: 86
AIRR Sharpe Ratio Rank: 88
AIRR Sortino Ratio Rank: 83
AIRR Omega Ratio Rank: 78
AIRR Calmar Ratio Rank: 91
AIRR Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EDIV vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Dividend ETF (EDIV) and First Trust RBA American Industrial Renaissance ETF (AIRR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EDIV	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.50	-1.41
Sortino ratio: Return per unit of downside risk	1.60	3.22	-1.62
Omega ratio: Gain probability vs. loss probability	1.21	1.40	-0.19
Calmar ratio: Return relative to maximum drawdown	1.33	5.01	-3.68
Martin ratio: Return relative to average drawdown	4.01	18.33	-14.32

EDIV vs. AIRR - Sharpe Ratio Comparison

The current EDIV Sharpe Ratio is 1.09, which is lower than the AIRR Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of EDIV and AIRR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EDIV vs. AIRR - Drawdown Comparison

The maximum EDIV drawdown since its inception was -53.36%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for EDIV and AIRR.

Drawdown Indicators

	EDIV	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-53.36%	-42.37%	-10.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-13.09%	+2.73%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-27.95%	+14.11%
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	-27.95%	-0.37%
Max Drawdown (10Y) Largest decline over 10 years	-40.76%	-42.37%	+1.61%
Current Drawdown Current decline from peak	-2.86%	-1.89%	-0.97%
Average Drawdown Average peak-to-trough decline	-19.33%	-7.48%	-11.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.57%	-0.14%

Volatility

EDIV vs. AIRR - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Dividend ETF (EDIV) is 4.64%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.32%. This indicates that EDIV experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EDIV	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	9.32%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	20.81%	-10.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	26.19%	-13.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	25.45%	-11.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	26.36%	-8.87%

EDIV vs. AIRR - Expense Ratio Comparison

EDIV has a 0.49% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

EDIV vs. AIRR - Dividend Comparison

EDIV's dividend yield for the trailing twelve months is around 4.45%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
EDIV SPDR S&P Emerging Markets Dividend ETF	4.45%	4.69%	3.94%	4.26%	4.94%	3.84%	3.52%	3.83%	3.41%	2.99%	4.94%	5.33%

Frequently Asked Questions

Can I hold both EDIV and AIRR in my portfolio?

EDIV and AIRR have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDIV or AIRR?

AIRR has higher volatility (9.32%) compared to EDIV (4.64%). In terms of maximum drawdown, EDIV dropped -53.36% vs AIRR's -42.37%.

Which ETF is better, EDIV or AIRR?

On 10-year performance, AIRR leads with 22.05% vs 9.49% for EDIV. On fees, EDIV is cheaper at 0.49% per year. On volatility, EDIV has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDIV or AIRR?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDIV or AIRR?

EDIV is cheaper with a 0.49% expense ratio, compared with 0.69% for AIRR.

Which ETF pays a higher dividend yield, EDIV or AIRR?

EDIV has the higher dividend yield at 4.45%, compared with 0.13% for AIRR.

What is the main difference between EDIV and AIRR?

EDIV is categorized as Emerging Markets Equities, while AIRR is Building & Construction. EDIV tracks S&P Emerging Markets Dividend Opportunities Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.49% for EDIV and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.50 vs 1.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.